Anglo American lifted to overweight by Barclays

MADRID (MarketWatch) -- Mining group Anglo American
AAL, +2.02%AAL, -2.49%
was upgraded to overweight from equal weight by Barclays Capital on Friday. The investment bank made the change in light of their new, higher copper price assumptions and expectations for a stronger African rand. The investment bank said Anglo will likely defend itself a merger with Xstrata
uk:xta
which could produce a higher bid or a white knight willing to pay a premium for the group. Barclays Capital said it also believes Anglo's focus on improving operating performance "will eventually result in better earnings, translating into a higher equity valuation and share price. We recommend that investors buy shares of Anglo American now."

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